Global Lactic Acid Market Is Projected To Post A CAGR of 15.6% Over the Forecast Period
The global lactic acid market is segmented into application such as food & beverages, pharmaceutical, personal care, industrial and others. Among these segments, industrial lactic acid segment is expected to occupy the top position in global lactic acid market. Growing applications of lactic acid in the production of PLA plastics and resins is predicted to trigger the growth of the industrial lactic acid market. Further, increasing demand for advanced personal care products is providing immense growth opportunities to the lactic acid application in personal care segment.
Global lactic acid market is expected to flourish at a significant CAGR of 15.6% over the forecast period. Moreover, the global lactic acid market is expected to garner USD 9.8 Billion by the end of 2024. Growing personal care & cosmetics industry and increasing utilization in industries are some of the factors which are predicted to trigger the growth of the global lactic acid market. Further, increasing consumer awareness about environment friendly product is envisioned to strengthen the growth of the market.
North America is slated to account for a leading share by 2024 in the lactic acid market. The growth in the region is anticipated to be fostered by the increasing demand and consumption of environment friendly product in the region. Besides, growth of end use industries and rising demand for PLA plastics are also expected to impel the growth of lactic acid market in North America. U.S. is the prominent market in the region. Europe is projected to witness substantial growth during the forecast period. Presence of major manufacturers in the region is expected to strengthen the growth of the market.
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Growing Cosmetics & Personal Care Industry
Changing lifestyles of the people coupled with rising demand for personal care products is driving the growth of the personal care and cosmetics market which in turn, is predicted to upsurge the demand for lactic acid during the forecast period. Further, increasing setup of manufacturing base by large cosmetic industries in various nations across the globe is expected to positively impact the growth of lactic acid market.
Emerging Application of Lactic Acid in Industries
Growing utilization in various end use industries such as packaging and others is one of the key growth drivers for global lactic acid market. Additionally, favorable government regulations are anticipated to intensify the growth of the lactic acid market in the upcoming years. For instance, in 2013, European commission permits the use of lactic acid for the decontamination of beef and chicken which in turn, increased the demand for lactic acid in the region.
However, presence of low cost alternatives such as polystyrene and polypropylene is expected to hamper the growth of the global lactic acid market.
The report titled “Lactic Acid Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global lactic acid market in terms of market segmentation by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global lactic acid market which includes company profiling of BASF SE, NatureWorks LLC, Hitachi Ltd., Futerro, Corbion Purac, Sulzer Ltd., Synbra Technology BV, Vaishnavi Biotech Ltd., Henan Jindan Lactic Acid Technology Co. Ltd. and Musashino Chemical (China) Co. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global Lactic acid market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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